You can create stock groups and enter relevant VAT details using this procedure.
To create a stock group
1. Go to Gateway of Tally > Inventory Info. > Stock Groups > Create.
2. Enter the Name of the stock group.
3. Select the required group in the Under field.
4. Enable the option Set/alter VAT details?.
5. Enter the relevant details in the VAT Details screen.
To specify the VAT rate for the stock group in the VAT Details screen
The VAT rate can be specified in either one of the following ways:
● Select a user defined VAT classification.
o On selecting a user defined VAT classification, the Stock Group Creation screen is displayed.
● Specify VAT details
o Press Enter.
o Enter the Tax rate and Cess. If the Tax Rate entered is above 0, the Tax Type automatically appears as Taxable.
o Enter 0 as the Tax Rate, to select the Exempt or Tax Free as the Tax Type.
6. Press Enter to save. The Stock Group Creation screen appears as shown below:
7. Press Enter to save.
Defining Nature of goods, commodity details and VAT schedules
To provide additional tax/rate details
1. Enable Set/alter tax/rate details.
2. Press F12: Configure to view the Configuration screen.
3. Set the following options to Yes, if required.
o Set type of goods?
o Provide nature of goods?
o Provide commodity details?
Note: The Helper button is displayed if Provide commodity details? is enabled.
o Provide schedule details?
4. Select Type of goods.
5. Select Nature of goods.
6. Press Ctrl+C to use the helper and select the Commodity name. Using the helper automatically updates the Commodity Code.
7. Press L: Details to specify different VAT rates with separate Applicable From dates.
To specify different VAT rates with separate Applicable From dates
1. Press L: Details.
2. Enter Applicable From date.
3. Enter Commodity Name.
Note: Press Ctrl+C to use the Helper. Commodity names can be selected from the List of Commodities and the corresponding Commodity Code is automatically displayed.
4. Enter Commodity Code, if Helper is not used.
5. Select Type of Goods.
6. Select Nature of Goods.
7. Select schedule from the List of Schedules/Groups.
8. Enter Schedule Serial No.
9. Enter Tax Rate. Press enter without specifying the rate to select Exempt or TaxFree in the Taxability column.
10. Enter Cess.
The VAT Rate Details screen appears as shown below:
8. Enter the Tax rate. Press enter without specifying the rate to select Exempt or Tax Free in the Tax type field.
9. Enter Cess.
10. Select the Schedule from the List of Schedules/Groups.
11. Enter Schedule Serial No. The VAT Details screen appears as shown below:
12. Press Enter.
13. Press Ctrl+A to save the Stock Group Creation screen.
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